Today's dramatic meltup in stocks has left many speechless, and just as many asking just how overvalued the market is at this moment. Here, for all those still interested in fundamentals, is the answer broken down in 20 different valuation metrics.

Moody's has cut Italy's long-term senior unsecuredd government debt rating outlook from 'stable' to 'negative', leaving it at Baa2 for now. Citing "slow and halting progress" on economic and fiscal reform in Italy, noting that reduction in Italy’s large debt burden will be further postponed given subdued medium-term growth prospects, recent fiscal slippage.

While some of Trump's previous administration picks have raised an eyebrow or two in the past two weeks, his choice of Linda McMahon, pro wrestling mogul and wife of WWE legend Vince McMahon, to head the Small Business Administration will likely be his most scrutizined yet.

“If you don’t read the newspaper, you’re uninformed. If you do read it, you’re misinformed,” Denzel Washington said quoting Mark Twain and added: "In our society, now it's just first — who cares, get it out there. We don't care who we destroy. We don't care if it's true. Just say it, sell it. Anything you practice you'll get good at — including bullshit.

Forget the Carrier deal, and forget the infamous tweet recently directed at Boeing. If Trump is serious about protecting the American public and being the populist leader he claimed he would be, he will aggressively push back against the proposed AT&T-Time Warner mega merger.

"...these are the type of moronic and asinine thought processes coming out of corporate America that are killing the American middle class... If Chuck truly believes what he says, well he is an idiot. If he has even a shred of economic acumen then he is a liar. I’ll leave it to you to decide."

At 13:21:15 this afternoon, as the Dow Transports was pushing towards its record highs (for the first time in 2 years), S&P futures and the SPY ETF suddenly exploded in volume and ramped higher. In those few seconds 2 million SPY shares went through (around $450 million) and 32,000 e-mini contracts (around $3.5 billion notional) screamed through the markets...

Rome is demanding the ECB give it more time to rescue the third largest Italian bank. That was to be expected, what is surprising, however, is that as the FT adds, Italy is "preparing to blame the bank for losses imposed on bondholders if Rome is forced into an urgent state bailout", a negotiating tactic some could call blackmail.

Trump picks conservative Oklahoma Attorney General Scott Pruitt to head up the EPA, a man who has “led the charge with repeated notices and subsequent lawsuits against the U.S. Environmental Protection Agency for their [sic] leadership’s activist agenda.”

Having dropped out of the primary race almost exactly a year ago, prominent foreign policy hawk, Republic Senator Lindsey Graham told CNN during an interview today that he plans to launch two separate probes into Russia's "hacking" and demand that President-elect Trump "take a much tougher tone towards Russia... or they will break up our alliances."